Industry NewsMarkets & Economy

California: A state of real estate extremes

Sales rate doubles, prices fall 40.5% year-over-year in January

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The California real estate market continued to perform at the extremes in January -- the rate of sales for resale single-family homes soared 100.8 percent while the median price sank 40.5 percent compared to the same month last year, according to the California Association of Realtors. A separate set of data released by the state Realtor group and a data company -- which includes median price info for more than 300 cities, counties and city areas throughout the state for all housing types -- found that the median price dropped in all but one area in the state from January 2008 to January 2009 and dropped more than 50 percent in 26 cities and city areas. The price remained flat in Los Angeles County's Woodland Hills. The California Association of Realtors also reported today that the seasonally adjusted annualized rate of sales for single-family detached resale homes in the state, at 629,940, moved up 14 percent compared to December 2008 while the median single-family price ...